The following is an Op-Ed to "The Wall Street Journal", "The New York Times", and "The Dallas Morning News" that explains how the U.S. Government has created "An Imaginary Economy" by operating with a Ponzi scheme fiscal policy that I call USAPonzi.

The "news media" has an ethical responsibility to inform the general public of how the U.S. Government is committing fiscal and accounting fraud to cheat the general public and the rest of the planet so they can "feather their own nests" and "dramatically feather the nests of their upper-class friends".

The Imaginary Economy of USAPonziJuly 27, 2017

The U.S. Government has created "The Imaginary Economy of USAPonzi" by using fraudulent accounting to borrow money ($106.9 Trillion) from the future Americans and give it to the current Americans. For the last 48 years, the U.S. Government has been dramatically stimulating the U.S. and global economy by giving the U.S. upper class massive and exponentially increasing amounts of money. As of July 27, 2017, the U.S. Government has given the U.S. upper class $106.9 Trillion which has caused a dramatic acceleration in the consumption rate in the United States of America and even in other parts of the global economy.

The U.S. Government is operating with a fiscal policy that is a classic Ponzi scheme. This Ponzi scheme is created because the U.S. Government is not properly accruing the money to pay for the future benefit promises that the U.S. Government has made to the U.S. general public. The U.S. Government is not using proper and Generally Accepted Accounting Principles (GAAP Accounting). The U.S. Government is operating with Cash Accounting which only assesses and reports the tax revenues necessary to meet the current year "cash" spending.

GAAP Accounting assesses and reports the additional tax revenues that need to be assessed to pay for the future benefit promises that the U.S. Government has made to the U.S. general public. The U.S. Government reports a Cash Deficit in FY2017 of $0.67 Trillion when proper GAAP Accounting reports a GAAP Deficit in FY2017 of $5.54 Trillion. The U.S. Government is dramatically understating its budget deficit by using Cash Accounting.

The U.S. Government has spent more cash than it has collected creating National Debt of $20.0 Trillion and has underfunded its future benefit promises creating US Unfunded Future Liabilities of $86.9 Trillion. This yields a total of $106.9 Trillion of US Unfunded Liabilities (GAAP). The U.S. Government has deferred $106.9 Trillion of public liabilities to the future Americans with cumulative GAAP basis deficit spending which is reported on www.usdebtclock.org as US Unfunded Liabilities (GAAP).

GAAP basis deficit spending creates what I call imaginary-counterfeit money. Each dollar of deficit spending creates an imaginary-counterfeit dollar in the pocket of the U.S. taxpayer that did not pay the tax dollar to cover that dollar of deficit spending. The more public liabilities the U.S. Government defers to the future Americans, the richer the U.S. upper class becomes.

GAAP basis deficit spending creates money out of "thin air" by deferring public liabilities to the future Americans. I call this money, imaginary-counterfeit money, because the U.S. Government just imagines that the future Americans can pay it someday but it is counterfeit because the future Americans can never pay it. Therefore, GAAP basis deficit spending is stuffing money into the pockets of the current Americans, primarily the U.S. upper class, by deferring public liabilities to the future Americans.

The U.S. Government is creating wealth for the current Americans, primarily the U.S. upper class, with GAAP basis deficit spending. This is not "earned income", it is money that has been produced by accounting fraud because the future Americans can never pay these deferred public liabilities that now total $106.9 Trillion. This Ponzi scheme fiscal policy, that I call USAPonzi, is in the process of creating an infinite amount of imaginary-counterfeit wealth for the U.S. upper class simply because the U.S. Government is operating with a dramatically unbalanced budget by not using proper GAAP Accounting.

The U.S. Government is fraudulently giving massive wealth to the U.S. upper class by borrowing money from the future Americans, that the future Americans do not have, and giving it to the U.S. upper class by undertaxing them. The U.S. Government is paying the current U.S. upper class with money that the U.S. Government is imagining that the future Americans will be able to pay someday.

This Ponzi scheme, that I call USAPonzi, was launched in FY1969 when President Lyndon Baines Johnson convinced the 90th Congress that he could balance the budget for FY1969 if he could just borrow the money in the benefit trust funds to cover the cash deficit in FY1969. This fixed his cash deficit for that year but it depleted the trust funds. President Johnson called this new budgeting process the "Unified Budget" which allowed the government to co-mingle the U.S. Government income and spend it for whatever purpose the U.S. Government might deem appropriate. This "Unified Budget" should have included a switch from Cash Accounting to GAAP Accounting so that the U.S. Government would properly fund the future benefit promises.

Because of this fiscal and accounting fraud, the U.S. Government has created $106.9 Trillion of imaginary-counterfeit money out of "thin air". The U.S. upper class is getting filthy rich because the U.S. Government is fraudulently borrowing money from the future Americans and giving it to the U.S. upper class.

The net worth of all Americans was estimated to be about $5.0 Trillion in FY1969 when USAPonzi was launched with the "Unified Budget" and it is now estimated to be $132.7 Trillion (Total National Assets) largely because the U.S. Government has fraudulently borrowed $106.9 Trillion from the future Americans and given it to the U.S. upper class. The U.S. upper class is getting filthy rich with fake money (imaginary-counterfeit money) that the U.S. Government is imagining that the future Americans can pay someday.

The U.S. Government is dramatically stimulating the global economy and is dramatically enriching the U.S. upper class by fraudulently borrowing $106.9 Trillion from the future Americans and giving it to the current Americans! This fraud has created "The Imaginary Economy of USAPonzi"!

The following chart is posted on the FRED (Federal Reserve Economic Data) database that demonstrates how the net worth of Americans started to increase in 1969 when USAPonzi started to borrow imaginary-counterfeit money ($106.9 Trillion) from the future Americans and give it to the U.S. upper class by undertaxing them.

Nominally 81% of the wealth in America has been created by this U.S. Government fraud that has borrowed $106.9 Trillion from the future Americans and has given it to the U.S. upper class ($106.9T/$132.7T = 0.806).

It should be noted that the above chart only extends through April 1, 2016 and therefore does not include the "wealth gain" (about $10 Trillion) over the last 16 months that includes the "Trump Rally" in the stock market. When things appear to be too good to be true; they probably are!

The U.S. Government has created an Imaginary Economy and imaginary wealth by borrowing imaginary-counterfeit money from the future Americans and giving it to the current Americans. The upper-class Americans are getting rich with $106.9 Trillion of imaginary-counterfeit money and Americans are buying stuff they cannot afford with the $106.9 Trillion of imaginary-counterfeit money that the U.S. Government has fraudulently borrowed from the future Americans.

This Imaginary Economy is auto-magically expanding with the imaginary-counterfeit money that the U.S. Government is fraudulently producing with exponentially increasing GAAP basis deficit spending. The U.S. Government is "Cooking the Books" by operating with Cash Accounting rather than proper GAAP Accounting.

I call this ever-expanding bubble of imaginary-counterfeit money"The Oswald Financial Bubble" because this fraud was introduced because Lee Harvey Oswald assassinated John F. Kennedy. This got a scoundrel into the White House, Lyndon Baines Johnson, that would fraudulently convince the U.S. Congress to co-mingle the tax revenues with the "Unified Budget" and stop funding the social benefit promises by continuing to use Cash Accounting.

This fraud is the cause of the confusion in the U.S. Congress today with the pointless debate about how we should promise and pay for "universal healthcare". Because the U.S. Government thinks they can pay for a lot more healthcare than we cannot afford, they are proposing even more healthcare benefits when current U.S. Government benefit promises are underfunded by $86.9 Trillion. Until the U.S. Government starts using honest accounting, the U.S. Congress will not be able to agree on an affordable and sustainable healthcare plan.

This fraud is also what is causing the cost of healthcare to dramatically inflate. We are "paying for" our healthcare with this dramatically expanding stream of imaginary-counterfeit money that is being produced by this accounting fraud. The healthcare providers are willing to charge outrageous prices for their products and services as long as the U.S. Government is willing to pay for these products and services with imaginary-counterfeit money that the U.S. Government is fraudulently borrowing from the future Americans.

And all of this trauma and drama was caused by Lee Harvey Oswald assassinating John F. Kennedy!

This U.S. Government fraud can only be equitably eliminated by the adoption of GAAP Accounting and a commitment to a balanced GAAP basis budget by the U.S. Government.

I have published a website www.usaponzi.net that explains how this fraud works to create a massive global wealth and income gap between the haves and the have-nots and to create false wealth and prosperity for the current Americans. The www.usaponzi.net website is an introduction to my more detailed website www.usaponzi.com and my books "USAPonzi" (Nov 22, 2015) and "USAPonzi2" (May 1, 2017) which are available on Amazon to better explain this fraud/Ponzi scheme.

This is the biggest ($106.9 Trillion) financial fraud ever perpetrated, I call it "USAPonzi: The Ultimate Government Fraud" and it is "The Biggest Ponzi Scheme on the Planet"!